AMP CEO Craig Meller has announced his immediate resignation
"I do not condone [the misconduct] or the misleading statements made to Asic", he said.
Mike Wilkins, a non-executive director of the company has been appointed as acting CEO, the company said in a statement.
The AMP's chief executive stepped down on Friday following revelations that Australia's largest wealth manager charged customers for financial services they never received and misled the industry watchdog.
The apology came after a banking royal commission found earlier this week that AMP lied to Australia's corporate watchdog for nearly a decade to cover its widespread practice of charging customers for services they did not receive.
AMP shares have been in freefall since the company began giving testimony to the royal commission on Monday, wiping about $1.3 billion off its market capitalisation.
Commissioner Hayne suggested AMP may wish to explain itself.
AMP on Friday said it would make a further submission to the royal commission over the issues raised.
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Trump had announced in January that the U.S. would not stay in the deal unless it was modified. In exchange, Iran received relief from sanctions, most of which were lifted in January 2016.
The commission also released a mountain of documents showing AMP had sought to influence a supposedly independent review by law firm Clayton Utz to downplay the knowledge and involvement of senior executives in the scandal.
The tougher penalties are "just continuing the work that has been ongoing for some time", including strengthening the powers of the industry regulator, Finance Minister Mathias Cormann said.
According to the findings during the latest round of public hearings at the Royal Commission, the bank changed independent expert reports before passing them to ASIC.
Speaking from Washington, Senator Cormann said some of the news that has emerged in the royal commission is very concerning indeed and this is obviously one of the consequences out of that process.
Among the changes was the removal of Meller's name from a list of people interviewed as part of an investigation into the unlawful and deliberate decision to continue charging fees to a group of clients for three months despite them receiving no financial advice services.
Mr Meller has been at the helm of AMP since 2014 and was due to leave later this year having failed to significantly lift the company's perennial underperformance.
In Canberra, the Government has been dodging criticism that it fought tooth and nail late a year ago to prevent a royal commission from going ahead.
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